ROANOKE, VIRGINIA, December 22, 2025 – Cushman & Wakefield | Thalhimer’s Capital Markets Group, in conjunction with Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group, represented the seller, Terrace North, LP and Terrace South, LP, in the marketing and sale of Terrace Apartments, a 187-unit affordable apartment community in Roanoke, Virginia.

Terrace Apartments consists of two properties: Terrace North, a 78-unit community located at 1540 Maiden Lane SW, and Terrace South, a 109-unit community located at 1532 Bluemont Avenue SW. Both properties are situated in the highly desirable Raleigh Court neighborhood of Southwest Roanoke City, near Grandin Village, one of the region’s premier mixed-use village centers.

The community provides essential affordable housing and is governed by long-term affordability covenants under the Low Income Housing Tax Credit (LIHTC) program. The properties underwent full-scale renovations in 2009, and new ownership plans to continue recent capital reinvestment efforts while preserving the long-term affordability protections in place.

The buyer, Terrace Partners, LLC, consists of a group of investors with strong ties to the region and was selected through a competitive bid process based on their demonstrated commitment to affordable housing and alignment with a locally based management team.

Negotiations on behalf of the seller were led by Clay Taylor of Cushman & Wakefield | Thalhimer’s Capital Markets Group in Roanoke, Virginia, in collaboration with Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory team of Jorge Rosa and Anthony “TJ” Liberto. The transaction closed on December 1, 2025, for a sale price of $7,000,000.

For Further Information Contact:
Clay Taylor, CCIM
Senior Vice President, Capital Markets Group
+1 540 767 3019
clay.taylor@thalhimer.com

About Cushman & Wakefield | Thalhimer
Thalhimer was founded in 1913 and currently has offices in Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, Charlottesville, and Lynchburg, Virginia. The company has nearly 100 broker professionals and employs approximately 530 associates. Thalhimer represents, on behalf of its clients, a property portfolio of 54 million leasable square feet, management of more than 28 million square feet of commercial property, and nearly 12,000 multifamily units. In 2024, Thalhimer completed over 1,800 transactions with a transactional volume of more than $1.96 billion. Thalhimer is the region’s leading provider of comprehensive commercial real estate services, including corporate services, investment sales, tenant representation, project management, asset management, and the sale and leasing of office, industrial and retail properties.

Thalhimer’s Capital Markets Group is the region’s leading investment sales team made up of professionals focused solely on capital markets and the sale of income producing properties throughout Virginia. The team is experienced in office, industrial, retail and multi-family dispositions and since 2012 has completed 424 transactions totaling over $6.2 billion and over 66 million square feet.
To learn more, visit www.thalhimer.com.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
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